5 Tips For Millennials Starting a Small Business

Millennials, here are 5 Business Tips For Starting a Small Business 💯

If you’re one of the many millennials looking to buy a business, this means you are in your 20’s or 30’s and you most likely have some kind of experience in your industry along with business leadership skills. However at this moment in time, in your life, there are quite a few things you can do to make sure your small business decision is a success.

Trust and Utilize Your Network. Your current network of business and industry contacts can be extremely important in discovering possible business opportunities. To protect trade secrets and maintain confidentiality, potential sellers may not broadcast their listings, so your network can be your best access to opportunities that aren’t visible on the market.

Protect and Keep Up your Credit Worthiness. Keep your credit score high. If you have “not so credit worthy” scars on you record, it may be necessary to delay your entrance into the business ownership arena until you can fix the issues. It’s difficult enough to secure acquisition financing–a bad credit rating can effectively destroy your chances of gaining financing from commercial lenders and sellers.

Explore Apprenticeship Opportunities. In some Industries, apprenticeship can lead you to connections that would otherwise be difficult to gain, not to mention you will gain skill and experience that is necessary to be relevant in the your small business world. A-B-C, Always Be Connecting. Apprenticeship, if used correctly can lead you to success to some invaluable relationships.

Join a Community, Participate in local business groups. District Small Business Administration (SBA) offices offer a range of resources for buyers and small business owners. In addition to providing information about various SBA loan programs, SBA district offices offer counseling and resources to help you acquire and operate a successful small business. Also, Small Business Development Centers (SBDCs) can lead you to individuals that are on your same path or that have been down your same path. It is important to surround yourself with Positive, Meaningful, and Resourceful people of your same Industry.

Start an Online HomeBased Business. Home-based businesses are quickly becoming the fastest growing form of business start-ups. Growing your company out of your home allows for flexibility that is difficult when renting or buying office and warehouse space. Although working at home requires self-discipline, the benefits can be substantial – especially in the start-up years. For a Brick & Mortar start-up, large capital is required, Click & Order is quite the opposite.

Finally, it’s important to understand that patience really is a virtue when you are acquiring a small business. From identifying the right company to due diligence to closing details, the buying process tests the nerves of all buyers–regardless of age. It is not uncommon for the process to take a year or more.

But we have found a trend that is sweeping the Globe.

Millennials are finding success starting businesses in the Travel Industry. Travel is what most Millennials dream of doing all day, everyday.

Most everyone knows that “The best way to succeed is to find out where people are going and to get there before the masses do!” That is the extreme significance of trends. If we can place ourselves or better yet position “ourselves” on the leading edge of these trends; our future can change dramatically!

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